The issue: Buying back state Capitol buildings - Brewer

[tabatha]

Who said it: Arizona House Democrats

by Alex Ferri - January 24, 2012, 3:04 pm

What we're looking at
Arizona House Democrats claimed that taxpayers will have to pay $1.6 billion to buy back state buildings sold in a leaseback agreement to Wall Street banks in 2010.

The comment
"Tea party legislators and Gov. Jan Brewer have ... sold state Capitol buildings to big Wall Street banks. Taxpayers will have to spend $1.6 billion to lease and buy those buildings back with interest from those Wall Street banks."

Analysis
The state sold $1 billion of bonds with guaranteed interest to various investors in 2010, according to the Joint Legislative Budget Committee. Twenty-two state buildings were used as collateral in order to get a lower interest rate on the payments, said Clark Partridge, the state's comptroller.

Faced with budget shortfalls, the Legislature passed the bills authorizing the sale, and Brewer signed them into law. The Republican Party dominates both chambers, and there’s a strong "tea party" contingent.

http://www.azcentral.com/news/election/azelections/azfactcheck/fact-story.php?id=353

Is that how Brewer balanced the AZ budget?

[freshwest]

1. Their intent has always been to eliminate government. Democrats stayed home and let them to do it.

The state won't bother to buy the property back. Instead, like many other states, they'll be selling off schools, hospitals, parks and roads to their GOP buddies. The masses are allowing it, out of terror of being called socialists or worse. I'm surprised this even made the news.

[Angry Dragon]

2. idiots

[Owlet]

3. When the US breaks up

They'll be in "Mexamerica". Seems fitting. Will I need a passport to go to Las Vegas, though?

[Blue_Tires]

4. Why is that "deal" not under criminal investigation?

Sell off state buildings, only to buy them back a couple of years later at a MAJOR loss? Who got rich off of this?